0001|                            HOUSE BILL 534
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                       JUDY VANDERSTAR RUSSELL
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0005|     
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0006|                                   
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0007|     
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0008|     
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS FOR PROJECTS FOR THE CITY OF RIO RANCHO IN
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0013|     SANDOVAL COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding two hundred forty-five
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0022|     thousand dollars ($245,000) when the local government division
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0023|     of the department of finance and administration certifies the
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0024|     need for the issuance of the bonds.  The state board of finance
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0025|     shall schedule the issuance and sale of the bonds in the most
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0001|     expeditious and economical manner possible upon a finding by
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0002|     the board that the project has been developed sufficiently to
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0003|     justify the issuance and that the project can proceed to
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0004|     contract within a reasonable time.  The state board of finance
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0005|     shall further take the appropriate steps necessary to comply
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0006|     with the Internal Revenue Code of 1986, as amended.  The
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0007|     proceeds from the sale of the bonds are appropriated to the
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0008|     local government division of the department of finance and
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0009|     administration in the following amounts for the following
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0010|     purposes:
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0011|                    (1)  one hundred thousand dollars ($100,000)
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0012|     for a planning study to develop a master plan and determine the
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0013|     need for and location of a new civic center in the city of Rio
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0014|     Rancho located in Sandoval county;
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0015|                    (2)  eighty thousand dollars ($80,000) for
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0016|     engineering and design of a new city maintenance facility for
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0017|     the city of Rio Rancho located in Sandoval county;
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0018|                    (3)  fifteen thousand dollars ($15,000) for
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0019|     internet appliances for public access to library catalog
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0020|     information in the city of Rio Rancho in Sandoval county; and
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0021|                    (4)  fifty thousand dollars ($50,000) for
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0022|     improvements to and purchasing and installing equipment at Veja
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0023|     Baja park in the city of Rio Rancho located in Sandoval county.
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0024|               B.  If the local government division of the 
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0025|     department of finance and administration has not certified the
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0001|     need for the issuance of the bonds by the end of fiscal year
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0002|     1999, the authorization provided in this section shall be void. 
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0003|     Any unexpended or unencumbered balance remaining from the
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0004|     proceeds of severance tax bonds issued pursuant to Subsection A
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0005|     of this section at the end of fiscal year 2000 shall revert to
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0006|     the severance tax bonding fund. 
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0007|          Section 2.  EMERGENCY.--It is necessary for the public
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0008|     peace, health and safety that this act take effect immediately.
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0009|                                  
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